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What is the SSI Savings Penalty Elimination Act?
Published October 9, 2023
Social Security Income (SSI) provides money to approximately eight million people, including many individuals with disabilities, to help afford daily living. The federal government has had the same rules in place for over thirty years regarding how much money people can earn, save, and have in their bank accounts if they receive SSI.
On September 12, 2023, the SSI Savings Penalty Elimination Act (S.2767/ H.R. 5408) was introduced as a bipartisan bill that could reform the SSI program and allow millions of individuals with disabilities to earn and save more money.
Right now, individuals who receive SSI can only have $2,000 in assets and the highest amount a person can receive from SSI is $914. Many receive less than this if they receive help for food and shelter expenses. These limits discourage recipients from accumulating savings and prevent financial growth.
The SSI Savings Penalty Elimination Act proposes to update SSI’s asset limits and eliminate the program’s marriage penalties. The proposed legislation would ensure individuals with disabilities and the elderly are better able to prepare themselves in the case of a financial emergency without putting their benefits at risk.
Please call or email your elected officials to encourage their support of the proposed bill.
To learn more about your benefits and maintaining said benefits, please contact us to schedule a consultation.
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